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Around the Block: Three-bed bungalow in Mount Merrion sells for 35% above original asking price

Thu, Mar 6, 2014, 00:00

8 Mather Road South: a modest 1950s three-bed bungalow

If anyone thinks the current premiums being paid for houses in the capital are reserved solely for those who can afford to buy handsome period homes with abundant square footage, think again. Last November, we noted a fairly unremarkable house in Dublin’s Mount Merrion that was attracting a great deal of interest from buyers looking for family homes.

8 Mather Road South is a modest 1950s three bed on a mature residential road not far from UCD. Priced for sale at €450,000 through agent Owen Reilly, the bungalow, in need of complete refurbishment, had a whopping 80 parties through its doors at the first open viewing. Within days the asking price had been pushed well beyond the €600,000 mark. Now we note from the residential property price register that it finally sold for €650,000 last month.

That’s 35 per cent above the original asking price, and certainly well ahead of the 17 per cent average increase in house prices attributed to Dublin last year.

According to Owen Reilly: “We were genuinely very surprised by the level of demand and ultimately the selling price achieved. It’s certainly an indicator for us, and with the benefit of hindsight we may have underestimated the demand for renovations at the time and the value of the garden in factoring it into the asking price. It sets a new benchmark for houses in need of renovation in the area.”